Members of Generations X and Y, acknowledging that they need to pick up the slack when it comes to planning for their futures, are thinking about retirement and have defined financial goals according to a report released today by the Divided We Fail group (AARP, Business Roundtable, National Federation of Independent Business and the Service Employees International Union) and the American Savings Education Council (ASEC).
According to “Preparing for Their Future: A Look at the Financial State of Gen X and Gen Y,” three out of four Gen Xers and Gen Yers said saving fo retirement is a personal financial goal, and an overwhelming majority (92 percent) feels that they can achieve their most important financial goals in the next ten years. However, many younger Americans grade themselves poorly when it comes to saving money (42 percent gave themselves a D or F) and investing their money outside the workplace (47 percent gave themselves a D or F).
